Recently I showed houses in Highland Park to a couple who first visited Highland Park with me a year ago almost to the day. Depending on how you look at the data, the Highland Park real estate market has been flat or significantly up or down in the past year.
The median sale price of Highland Park houses for the past 6 months is $650K, up just slightly from $644.5K for the same period a year ago.*
In my last post on Glen Ellyn and Lombard I found an inverse relationship between lot size and median house price so I looked at median house prices for smaller and larger lots for this North Shore suburb. The median house price during the past 6 months for larger lots (0.25 acres to 1 acre) is significantly higher than for smaller lots (< 0.25 acres) with $714K for the larger lots verses $565K for the smaller lots.
However, the median sale price of the homes of larger lots was down 17% from the same period a year ago while the median sale price of homes on smaller lots was up 13%!
*Based on Midwest Real Estate Data LLC (MRED) Data.
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